2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
30 - Transfer of real property.

 
    § 30. Transfer of real property. 1. Notwithstanding any requirement of
  law to the contrary, every executor, administrator, trustee, guardian or
  other  person,  holding  trust  funds or acting in a fiduciary capacity,
  unless the instrument under which such  fiduciary  is  acting  expressly
  forbids,  the  state, its subdivisions, municipalities, all other public
  bodies, all public  officers,  persons,  partnerships  and  corporations
  organized  under  and  governed  as to investments by or pursuant to the
  provisions of the banking law or  organized  under  or  subject  to  the
  provisions  of  the  insurance  law,  the  superintendent  of  financial
  services as conservator, liquidator or rehabilitator of any such person,
  partnership or corporation, owning or  holding  any  real  property  may
  grant,  sell,  lease  or  otherwise transfer any such real property to a
  company and receive and hold any cash, stock, bonds,  notes,  mortgages,
  or  other  securities  or  obligations,  secured or unsecured, exchanged
  therefor by such company and may execute such instruments  and  do  such
  acts  as  may  be deemed necessary or desirable by them or it and by the
  company in connection with a project or  projects.  Notwithstanding  the
  provisions  of  any general, special or local law, charter or ordinance,
  such grant, sale, lease or transfer may be made without  public  auction
  or bidding.
    2.  Any  banking  institution,  foundation,  labor  union,  employers'
  association, veterans' organization or insurance company, or  any  group
  thereof,  which  has  undertaken  a  project through direct ownership or
  lease may transfer to the project any real property  which  it  owns  or
  holds  within an area. The market value of such property, as approved by
  the commissioner or the supervising agency, as the case may be, shall be
  included in the estimated or actual project cost.
    3. Notwithstanding the provisions of any  general,  special  or  local
  law, charter or ordinance, the local legislative body of a city having a
  population  of  one million or more may, upon the request of or with the
  approval of the board of  education  of  such  city's  school  district,
  grant,  sell,  lease  or  otherwise  transfer  any  lands  or  rights or
  interests therein or thereto, including fee interest,  easements,  space
  rights or air rights or other rights or interests owned by such city and
  occupied  or  reserved  for  school  purposes  and needed therefor, to a
  company where necessary for the joint development of  a  project  and  a
  school  or  appurtenant  facilities  without  public auction or bidding,
  provided that no such sale, lease or transfer of lands or rights therein
  or thereto is authorized where the development of a project contemplates
  the  erection  of  housing  facilities  over  an  existing   school   or
  playground.  The  term  of  any  such  lease shall not be limited by any
  provision of any general, special or local law or charter applicable  to
  such  city  limiting  the  period  of  time  during which a lease or any
  renewal thereof may run.